Unlike liquid assets, which are easy to split, dealing with the marital home can be difficult during a divorce. For most Americans, their home is the most expensive thing they buy in their lifetime. Also, if there’s a mortgage, it could be their most significant liability. To the mortgage lender, you are liable for the mortgage regardless of your marital status.
As a couple, you could choose to refinance the house or sell it and split the profit. Refinancing makes sense only if one of the partners wants to stay in the home and can buy the other partner out. In some cases, one spouse continues to live in the house while the other makes the payment. This setup is a risky proposition but often the only option when kids are involved. But for many, selling the property is the best way out. Should you sell the house before or after the divorce? Here’s our take on this issue.
Selling the Home Before the Divorce
Many people with real estate experience agree that it is best to sell the home before the divorce. For one, you can use the money to build a life of your own. The money could cover down payment for a new home, cover rental expenses, or help you relocate to a new state or city.
However, if you give potential buyers a clue about your situation, they might manipulate it to their advantage and plan a hard-nosed negotiation. Real estate agents know that if the home sale proceeds are a part of the divorce settlement, you cannot finalize the divorce until the deal is closed. If you plan to leave the marital home, we suggest you wait until you sell the house.
Selling the Home After a Divorce
Another option is to sell the home after the divorce. You can more easily keep prospective buyers from knowing your motivation to sell the property, making you less vulnerable to a bad deal. But this is a little complicated since you have to convince your ex-spouse to get their name off the title during the proceeding, or you’ll have to do it after the divorce.
Selling the house before the divorce can be stressful if the couple isn’t on amicable terms. But after the divorce, when things have settled, and the house is no longer a weapon, you are more likely to make a better financial decision.
A Better Solution
To sell a house fast in Pittsburgh, we suggest you sell it to us. As real estate investors, we buy homes for cash in seven days. Contact cash home buyers in Pittsburgh if you don’t have the time for a conventional sale or don’t want to invest in repairs. We’ll buy the house as-is and take care of the closing formalities.
Help! I need to sell my house fast in Pittsburgh! Call us at 412-347-8008 if this is you.